Baltic Trade Deeper in the Hole

The NYSE-listed dry bulk shipper Baltic Trading Limited (BALT) ended 2014 with a USD 20.3 million net loss, almost twice as worse compared to USD 11.4m loss recorded in 2013.  

The bulk of the loss was recorded in the final quarter of the year, which the company ended USD 5.6m in the red.

BALT improved its annual vessel revenues from USD 36.6m to USD 45.5m year-on-year due to a larger fleet. But the revenue increase was offset by lower spot market rates achieved by the majority of the company’s vessels, as well as a rise in total operating expenses, which were USD 59.9m in 2014, compared to USD 42.9m recorded a year earlier.

The company has recently entered into a USD 148m credit facility with Nordea Bank to refinance the existing senior secured revolving credit facility and to partially fund the acquisition of the two recently delivered newbuilds, the Baltic Scorpion and the Baltic Mantis.

“During a challenging drybulk market, we continue to focus on maintaining a cost effective operating platform, providing superior service to leading charterers and successfully accessing capital under favorable terms,”  John C. Wobensmith, President and Chief Financial Officer at BALT, said.

”Highlighting our strong banking relationships, we commenced 2015 having entered into a new USD 148 million credit facility, enabling us to refinance the total amount outstanding under the company’s existing facility scheduled to mature in 2016.”